AYR » Topics » Credit Facility No. 3

These excerpts taken from the AYR 10-K filed Mar 2, 2009.
2008-A Credit Facility
 
On February 5, 2008, we entered into a senior secured credit agreement with two banks which we refer to as the 2008-A Credit Facility. The 2008-A Credit Facility provided for loans in an aggregate amount of up to $300.0 million to finance a portion of the purchase price of certain aircraft.
 
On May 15, 2008, we reduced our total credit commitment under the 2008-A Credit Facility to $188.0 million and on June 3, 2008, we paid the remaining balance of $187.3 million with proceeds from the refinancing of two aircraft transferred into Term Financing No. 1. As a result of the pay-off of the 2008-A Credit Facility, during the second quarter of 2008 we wrote off $0.3 million of debt issuance costs which is reflected in interest expense on the consolidated statement of income.
 
Credit Facility No. 1
 
In February 2005, we entered into a $300.0 million revolving credit facility with a group of banks to finance the acquisition of flight equipment and related improvements, which we refer to as Credit Facility No. 1. The interest rate on Credit Facility No. 1 was the one-month LIBOR plus 1.50%. In August 2005, the terms of Credit Facility No. 1 were amended to increase the amount of the facility to $600.0 million. On February 24, 2006, the revolving period of our $600.0 million Credit Facility No. 1 was extended to April 28, 2006 and the maximum amount of this credit facility was reduced to


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$525.0 million. The other terms of Credit Facility No. 1 remained the same. Monthly payments of interest only continued through repayment of Credit Facility No. 1. Credit Facility No. 1 was repaid in full and terminated on August 4, 2006. In addition, we wrote off the remaining balance of deferred financing fees of $1.8 million upon the termination of Credit Facility No. 1.
 
Credit Facility No. 3
 
In October 2005, the Company entered into a credit facility for $110.0 million with a bank to finance the acquisition of three aircraft, which we refer to as Credit Facility No. 3. The interest rate on this facility was one-month LIBOR plus 1.50%. On March 30, 2006, $36.7 million of Credit Facility No. 3 was repaid using a portion of the proceeds from the disposition of flight equipment held for sale which had been financed under this facility. Credit Facility No. 3 was amended on July 18, 2006, to increase the maximum committed amount by approximately $25.1 million and to extend the maturity date to March 31, 2007. The increase in the maximum committed amount was reduced by $25.1 million with the closing of the initial public offering. On January 26, 2007, Credit Facility No. 3 was amended to extend the maturity date from March 31, 2007 to the earlier of September 30, 2007 or the transfer of the related aircraft financed in Credit Facility No. 3 into Securitization No. 2. Credit Facility No. 3 was repaid in full in July 2007 with a portion of the proceeds of Securitization No. 2.
 
Our debt obligations contain various customary non-financial loan covenants. Such covenants do not, in management’s opinion, materially restrict our investment strategy or our ability to raise capital. We are in compliance with all of our loan covenants as of December 31, 2008.
 
2008-A
Credit Facility



 



On February 5, 2008, we entered into a senior secured
credit agreement with two banks which we refer to as the
2008-A
Credit Facility. The
2008-A
Credit Facility provided for loans in an aggregate amount of up
to $300.0 million to finance a portion of the purchase
price of certain aircraft.


 



On May 15, 2008, we reduced our total credit commitment
under the
2008-A
Credit Facility to $188.0 million and on June 3, 2008,
we paid the remaining balance of $187.3 million with
proceeds from the refinancing of two aircraft transferred into
Term Financing No. 1. As a result of the pay-off of the
2008-A
Credit Facility, during the second quarter of 2008 we wrote off
$0.3 million of debt issuance costs which is reflected in
interest expense on the consolidated statement of income.


 




Credit
Facility No. 1



 



In February 2005, we entered into a $300.0 million
revolving credit facility with a group of banks to finance the
acquisition of flight equipment and related improvements, which
we refer to as Credit Facility No. 1. The interest rate on
Credit Facility No. 1 was the one-month LIBOR plus 1.50%.
In August 2005, the terms of Credit Facility No. 1 were
amended to increase the amount of the facility to
$600.0 million. On February 24, 2006, the revolving
period of our $600.0 million Credit Facility No. 1 was
extended to April 28, 2006 and the maximum amount of this
credit facility was reduced to





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$525.0 million. The other terms of Credit Facility
No. 1 remained the same. Monthly payments of interest only
continued through repayment of Credit Facility No. 1.
Credit Facility No. 1 was repaid in full and terminated on
August 4, 2006. In addition, we wrote off the remaining
balance of deferred financing fees of $1.8 million upon the
termination of Credit Facility No. 1.


 




Credit
Facility No. 3



 



In October 2005, the Company entered into a credit facility for
$110.0 million with a bank to finance the acquisition of
three aircraft, which we refer to as Credit Facility No. 3.
The interest rate on this facility was one-month LIBOR plus
1.50%. On March 30, 2006, $36.7 million of Credit
Facility No. 3 was repaid using a portion of the proceeds
from the disposition of flight equipment held for sale which had
been financed under this facility. Credit Facility No. 3
was amended on July 18, 2006, to increase the maximum
committed amount by approximately $25.1 million and to
extend the maturity date to March 31, 2007. The increase in
the maximum committed amount was reduced by $25.1 million
with the closing of the initial public offering. On
January 26, 2007, Credit Facility No. 3 was amended to
extend the maturity date from March 31, 2007 to the earlier
of September 30, 2007 or the transfer of the related
aircraft financed in Credit Facility No. 3 into
Securitization No. 2. Credit Facility No. 3 was repaid
in full in July 2007 with a portion of the proceeds of
Securitization No. 2.


 



Our debt obligations contain various customary non-financial
loan covenants. Such covenants do not, in management’s
opinion, materially restrict our investment strategy or our
ability to raise capital. We are in compliance with all of our
loan covenants as of December 31, 2008.


 




2008-A Credit Facility
 
On February 5, 2008, we entered into a senior secured credit agreement with two banks which we refer to as the “2008-A Credit Facility”. The 2008-A Credit Facility provided for loans in an aggregate amount of up to $300,000 to finance a portion of the purchase price of certain aircraft.
 
On May 15, 2008, we reduced our total credit commitment under the 2008-A Credit Facility to $188,000 and on June 3, 2008, we paid the remaining balance of $187,267 with proceeds from the refinancing of two aircraft transferred into Term Financing No. 1. As a result of the pay-off of the 2008-A Credit Facility, during the second quarter of 2008 we wrote off $250 of debt issuance costs which is reflected in interest expense on the consolidated statement of income.
 
Credit Facility No. 1
 
In February 2005, we entered into a $300,000 revolving credit facility with a group of banks to finance the acquisition of flight equipment and related improvements, which we refer to as Credit Facility No. 1. The interest rate on Credit Facility No. 1 was the one-month LIBOR plus 1.50%. In August 2005, the terms of Credit Facility No. 1 were amended to increase the amount of the facility to $600,000. On February 24, 2006, the revolving period of our $600,000 Credit Facility No. 1 was extended to April 28, 2006, and the maximum amount of this credit facility was reduced to $525,000. The other terms of Credit Facility No. 1 remained the same. Monthly payments of interest only continued through repayment of Credit Facility No. 1. Credit Facility No. 1 was repaid in full and terminated on August 4, 2006. In addition, we wrote off the remaining balance of deferred financing fees of $1,840 upon the termination of Credit Facility No. 1.
 
2008-A
Credit Facility



 



On February 5, 2008, we entered into a senior secured
credit agreement with two banks which we refer to as the
“2008-A
Credit Facility”. The
2008-A
Credit Facility provided for loans in an aggregate amount of up
to $300,000 to finance a portion of the purchase price of
certain aircraft.


 



On May 15, 2008, we reduced our total credit commitment
under the
2008-A
Credit Facility to $188,000 and on June 3, 2008, we paid
the remaining balance of $187,267 with proceeds from the
refinancing of two aircraft transferred into Term Financing
No. 1. As a result of the pay-off of the
2008-A
Credit Facility, during the second quarter of 2008 we wrote off
$250 of debt issuance costs which is reflected in interest
expense on the consolidated statement of income.


 




Credit
Facility No. 1



 



In February 2005, we entered into a $300,000 revolving credit
facility with a group of banks to finance the acquisition of
flight equipment and related improvements, which we refer to as
Credit Facility No. 1. The interest rate on Credit Facility
No. 1 was the one-month LIBOR plus 1.50%. In August 2005,
the terms of Credit Facility No. 1 were amended to increase
the amount of the facility to $600,000. On February 24,
2006, the revolving period of our $600,000 Credit Facility
No. 1 was extended to April 28, 2006, and the maximum
amount of this credit facility was reduced to $525,000. The
other terms of Credit Facility No. 1 remained the same.
Monthly payments of interest only continued through repayment of
Credit Facility No. 1. Credit Facility No. 1 was
repaid in full and terminated on August 4, 2006. In
addition, we wrote off the remaining balance of deferred
financing fees of $1,840 upon the termination of Credit Facility
No. 1.


 




This excerpt taken from the AYR 10-Q filed Nov 17, 2008.
2008-A Credit Facility
 
On February 5, 2008, we entered into a senior secured credit agreement with two banks which we refer to as the “2008-A Credit Facility”. The 2008-A Credit Facility provided for loans in an aggregate amount of up to $300,000 to finance a portion of the purchase price of certain aircraft.
 
On May 15, 2008, we reduced our total credit commitment under the 2008-A Credit Facility to $188,000 and on June 3, 2008, we paid the remaining balance of $187,267 with proceeds from the refinancing of two aircraft transferred into Term Financing No. 1. As a result of the pay-off of the 2008-A Credit Facility, during the second quarter of 2008 we wrote off $250 of debt issuance costs which is reflected in interest expense on the consolidated statement of income.


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Aircastle Limited and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(Dollars in thousands, except per share amounts)
September 30, 2008
 
This excerpt taken from the AYR 10-Q filed Aug 8, 2008.
2008-A Credit Facility
 
On February 5, 2008, we entered into a senior secured credit agreement with two banks which we refer to as the “2008-A Credit Facility”. The 2008-A Credit Facility provided for loans in an aggregate amount of up to $300,000 to finance a portion of the purchase price of certain aircraft.
 
On May 15, 2008, we reduced our total credit commitment under the 2008-A Credit Facility to $188,000 and on June 3, 2008, we paid the remaining balance of $187,267 with proceeds from the refinancing of two aircraft transferred into Term Financing No. 1. As a result of the pay-off of the 2008-A Credit Facility, during the second quarter of 2008 we wrote off $250 of debt issuance costs which is reflected in interest expense on the consolidated statement of income.
 
This excerpt taken from the AYR 8-K filed Sep 26, 2007.

Credit Facility No. 3

In October 2005, the Company entered into a credit facility for $109,998 with a bank to finance the acquisition of three aircraft which we refer to as Credit Facility No. 3. The interest rate on this facility is one-month LIBOR plus 1.50%. On March 30, 2006, $36,666 of Credit Facility No. 3 was repaid using a portion of the proceeds from the disposition of flight equipment held for sale which had been financed

 

 

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under this facility. Credit Facility No. 3 was amended on July 18, 2006, to increase the maximum committed amount by approximately $25,116 and to extend the maturity date to March 31, 2007. The increase in the maximum committed amount was reduced by $25,116 with the closing of the initial public offering. As of December 31, 2006, we had borrowed $73,332 under Credit Facility No. 3 and the interest rate was 6.85%.

The weighted average interest of these credit facilities at December 31, 2004, 2005 and 2006 were 0%, 5.87%,and 6.64%, respectively.

Maturities of the securitization and credit facilities over the next five years and thereafter are as follows:

 

2007

 

$

102,380

 

2008

 

 

385,387

 

2009

 

 

24,239

 

2010

 

 

25,410

 

2011

 

 

65,668

 

Thereafter

 

 

388,976

 

 

 

$

992,060

 

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